A company collected $100,000 cash from a customer who both received and was billed for the goods last quarter. Which of the following items would be increased by this cash collection transaction? (check all that apply) Cash from Operations Accounts Receivable Current Assets Cash Revenue

A company collected $100,000 cash from a customer who both received and was billed for the goods last quarter. Which of the following items would be increased by this cash collection transaction? (check all that apply) Cash from Operations Accounts Receivable Current Assets Cash Revenue

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

A company collected $100,000 cash from a customer who both received and was billed for the
goods last quarter.
Which of the following items would be increased by this cash collection transaction? (check all that
apply)
Cash from Operations
Accounts Receivable
Current Assets
Cash
Revenue

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